Chart 7: Higher tariffs will put the economy on a permanently lower path https://www.bankofcanada.ca/?p=248293 January 2025 Monetary Policy Report—baseline forecast July 2025 Monetary Policy Report—current tariff scenario 98.2897.75 98.8298.36 98.9599.07 99.4599.51 100.00100.00 100.5099.62 100.9599.87 101.43100.12 101.92100.48 102.38100.79 102.76101.16 103.12101.52